Method &amp; system for managing and preparing documentation for real estate transactions

ABSTRACT

A method and system for preparing and managing real estate transfers and financing, including a system for preparation, production and storage of relevant documentation and the data contained therein; a system for coordinating, reconciling and transferring funds; and a system of analyzing and tracking the progress of numerous real estate transactions. The invention uses a database to minimize the redundancy involved in the preparation of all documentation needed for real estate closings. Information input into the database is used to generate the documentation necessary to complete real estate transfers, including all forms required by relevant financial institutions and government agencies. Such documentation includes handwritten signatures, which are digitally scanned and incorporated into the documents. Also, ancillary documentation can be scanned into the system and combined with other customer data and documentation. Thus a “closing package” can be compiled which contains electronic versions of virtually any document needed for closing a real estate transaction. Further included are scheduling features for coordinating one or many real estate transactions and management reporting for keeping track of a plurality of real estate transaction.

COPYRIGHT NOTICE

[0001] A portion of the disclosure of this patent document containsmaterial that is subject to copyright protection. The copyright sellerhas no objection to the facsimile reproduction by anyone of the patentdocument or the patent disclosure, as it appears in the Patent andTrademark Office patent file or records, but otherwise reserves allcopyright rights whatsoever.

FIELD OF THE INVENTION

[0002] The invention relates generally to a method and system forpreparing and managing real estate transfers and financing, whichincludes a system for preparation, production, delivery and storage ofrelevant documentation and the data, contained therein.

BACKGROUND OF THE INVENTION

[0003] The process of buying, selling or even just financing real estategenerally involves a great deal of documentation. Most of thedocumentation involved requires redundant personal information andsignatures of the parties. What is more, the financing involved in realestate transactions can include lengthy applications that often need tobe completed more than once if financing is being sought from more thanone potential lender.

[0004] Another aspect of real estate transactions involves thescheduling and coordination of the parties and finances involved. Thisgenerally includes buyers, sellers, attorneys, real estate settlementproviders, real estate agents, financial institution representatives,and others. All these people need to schedule a mutually convenientmeeting time and place for the closing.

[0005] Also, a reconciliation of funds being transferred between partiesmust be coordinated so that the closing will be funded properly. Manydifferent real estate professionals, branches of government and othersmust be paid at or near the closing date. This whole process is oftenmade difficult by last minute adjustments in the agreed upon loan rates,taxes due and other variables.

[0006] Real estate transactions are further complicated by the fact thatmuch of the information contained in the required documentation is oftentransferred or translated manually from the forms that were completed byhand to an electronic medium such as a computer. The involved realestate attorney, real estate settlement provider, Realty Company, TitleCompany or financial institution, often does such a transfer. Theinformation, once stored in electronic form, can then be delivered tomortgage banks, financial institutions, government sponsored agencies,document custodians or can even be used by word processing software forcompleting the forms and documentation needed in “closing” the realestate transaction. Not only is this manual transfer or translation ofdata cumbersome, but also it is time consuming and prone totypographical and other errors.

[0007] Once the mortgage transaction is closed, copies of the finaldocuments are usually stored or maintained by the attorneys, mortgagebanks, financial institutions, and document custodians involved in thereal estate transaction. The shear bulk of the papers impose significantstorage costs to the professionals involved. This cost can be furtherexaggerated when copies of the documentation are translated tomicrofiche, scanned to electronic format or other means of long-termmass document storage.

[0008] What is more, the information obtained during the real estatetransaction is very valuable to professionals regularly involved inthese transactions. This information includes detailed demographic dataabout the parties. Professionals often use such information formarketing or follow-up promotions of their goods or services. Also, thenon-confidential aspects of this information can be sold or traded tocompanies that collect consumer data. For this reason, it is importantthat certain parts of the information collected be translated and storedin a database or any easy to use means of data storage and retrieval.

[0009] Currently, the majority of the real estate mortgage industrystill uses very antiquated methods for preparing closing documents. Thesale and financing of real estate has historically been associated witha great deal of paper documentation due to longstanding statutes andlaws requiring written, signed and notarized documents for the legaltransfer of land and to bind lenders and borrowers to the terms of fairloan agreements. Most often typewriters or even word processors areused, but the completed documents are not stored electronically. Also,during the process of generating the necessary documents, much of thedata is repeated throughout the documents. Such repetition wastes timeand is prone to human error.

[0010] Some companies have developed more sophisticated methods ofpreparing mortgage documents and handling the data needed for thisprocess. For example, EDS™ (Electronic Data Systems Corp.) havedeveloped what they call the Accelerated Closing and Delively Services(ACDS). This system is designed to handle and transfer mortgage closingdata, while reducing or even eliminated the amount of paper needed for amortgage closing. Using this system, a lender, attorney or othermortgage facilitator will scan, fax or transfer the hand written ortyped completed application papers to the company (EDS). The companyprocesses and compiles the information from the application papers andgenerates electronic versions of the closing documents. Before or duringa closing, a facilitator can access ACDS by modem or dedicated phoneline to review this information. This system is accessed using acomputer that is connected to the company's electronic image repository.At the closing table, the parties can visually inspect the closingdocuments displayed on a computer monitor. What is more, ACDS useswell-known signature digitizer pads to add party signatures to theclosing documents. Hard copies of all documents can then be generated orthe parties can be given a computer diskette, which contains the visualimage of the closing documents. However, even the most advanced systems,like ACDS, while reducing some redundancies of data input and the amountof paper used in finalizing closing documents, do not provide many toolsneeded to facilitate real estate transactions for the professionals thatwork in this industry.

SUMMARY OF THE INVENTION

[0011] In accordance with the present invention there is presented amethod and system for preparing and managing real estate transfers andfinancing. This includes a system for preparation, production andstorage of relevant documentation and the data contained therein; asystem for coordinating, reconciling and transferring funds; and asystem of analyzing and tracking the progress of numerous real estatetransactions.

[0012] One of the key elements to the invention uses a customizedcomputer database to input and store information, which minimizes theredundancy involved in the preparation of all documentation needed forreal estate closings. The input can be done manually, or throughelectronic data transfer methods. The information stored in thiscustomized computer database relates primarily to that which is requiredto transfer or finance real estate, but also includes customerinformation required from financial institutions and government agenciesfor various real property transactions and applications. Thisinformation is then used by the method and system disclosed herein togenerate the documentation necessary for a desired real estatetransaction, while eliminating redundancy during the inputting of suchinformation. This system can be designed or maintained to contain allstandard forms used by relevant financial institutions and governmentagencies. Thus, virtually every necessary document needed for a bindingtransaction involving the transfer or financing of real estate can begenerated using this system.

[0013] In accordance with another aspect of the present invention, byelectronically storing more than just the images of the closingdocuments, much of the information contained therein can be used by theattorneys, lenders and other professionals using this system to maintainuseful client information. This retained information can then reduce theamount of data needed if the same client returns for other services.Also, the professional as a marketing tool or for promotional materialcan use this information.

[0014] In accordance with another aspect of the present invention, asignature digitizer pad or electronic signature pen can be used as partof the instant invention. Such a pad or pen translates a user'ssignature into a digital image or file, which can then be stored,reproduced and manipulated like any other digital computer image orfile. A user, signs his or her name using this device that eitherrequires a special pad with a pen shaped object or a special pen. Thesignature can then be reproduced on legal documents generated by thissystem.

[0015] In accordance with another aspect of the present invention,ancillary documentation can be scanned, using a standard electronicdocument-scanning device, and the digital image combined with othercustomer data and documentation. Copies or images of these ancillarydocuments can then be stored or transferred electronically. Thus a“closing package” can be compiled which contains electronic versions ofvirtually any document needed for closing a real estate transaction.

[0016] In accordance with another aspect of the present invention, theelectronic storage of the above mentioned data and images couldfacilitate their transfer or delivery to the appropriate parties,institutions or agencies before or during a real estate closing. Thisdata and images can be transferred using secure means of electroniccommunications, such as a dedicated phone line, a virtual privatecommunications network or even the Internet, if proper securityprecautions are taken (i.e., the use of encryption software). Suchtransfers can take place as part of the delivery of a loan/loanportfolio to a lender or other institution. Also, the transfers can takeplace in order to facilitate a closing that involves parties physicallylocated in separate facilities or locations.

[0017] In accordance with another aspect of the present invention, thepresent method and system includes scheduling features for coordinatinga real estate closing and for improving the efficiency of handlingmultiple closings. Very often professionals that host real estateclosings coordinate a plurality of such transaction within the same dayor week. The instant invention includes a calendar and scheduling systemfor reserving facilities to accommodate the parties. This scheduling andcoordinating feature can be used to send reminders or notifications toall the parties and can be used by the host to more efficiently schedulesuch events.

[0018] In accordance with yet another aspect of the instant invention,by using electronic communications to transfer data and informationrelating to a real estate closing, the information needed to accuratelycalculate and reconcile the exact amount of funds being transferredbetween parties can be obtained quickly and easily. This is anotherbenefit of inputting and maintaining all relevant data in electronicform. In the same way that e-mail has increased speed and efficiency intransferring text messages for businesses and the general public, theinstant system can transmit or receive financial information in order toefficiently reconcile funds. What is more, by knowing the amounts neededto close on a real estate transaction, the instant method and systemprovides a reconciliation and check writing feature that canautomatically draft all checks needed to finalize the closing. Also, thesystem can accommodate releasing specified funds on different days inorder to accommodate a lender or other party. This too can expedite andfacilitate the entire real estate closing process and is accomplishedthrough electronic communications with the banks holding such funds.

[0019] The transfer of data can occur into the system (i.e., importdata) or out of the system (i.e., export data. Using Mortgage BankingAssociation standards, including Extensible Markup Language (XML), dataand sets of particular information can be exchanged electronically. Sucha common language allows various types of software and new technologiesto communicate, while still understanding the content of documents andthe related information being transmitted. XML establishes a structurefor the information exchanged (i.e., words, pictures, signatures, etc.)and some indication of what role that information plays in the documentbeing transmitted. The instant invention uses Such standards to importand export documents and data electronically. Such document and datatransfers can take place over a global communications network such asthe Internet or any other means of electronic data transfer.

[0020] In accordance with even another aspect of the instant invention,the database portion of this method and system can be used to providecomplete management reporting to the professionals using it. Customizedreports can be generated based on any and all data maintained. Whetherit be accounting, outstanding items, work-flow, or any otherinformation, a professional using this method and system could track andreport various aspects of this business. Also, as this method and systemstores its information electronically, such reports could be transmittedto remote locations using any means of electronic communications.

BRIEF DESCRIPTION OF THE DRAWINGS

[0021] Those and other objects and advantages of the present inventionwill become more apparent by referring to the following detaileddescription and accompanying drawings in which:

[0022]FIG. 1 is an illustration of an initial computer screen from whicha real estate professional can choose what aspect of the instant systemhe wants to use.

[0023]FIG. 2 is an illustration of the Setup System Preferences screen.

[0024]FIG. 3 is an illustration of the Bank Database screen.

[0025]FIG. 4 is an illustration of the Bank Checking Accounts screen.

[0026]FIG. 5 is an illustration of the Investor Database screen.

[0027]FIG. 6 is an illustration of the Warehouse Database screen.

[0028]FIG. 7 is an illustration of the Sub-Servicer Database screen.

[0029]FIG. 8 is an illustration of the Set-up Employee screen.

[0030]FIG. 9 is an illustration of the Set-up Schedule screen.

[0031]FIG. 10 is an illustration of the Add/Update a File screen.

[0032]FIG. 11 is an illustration of the Borrower screen.

[0033]FIG. 12 is an illustration of the Seller screen.

[0034]FIG. 13 is an illustration of the Loan screen.

[0035]FIG. 14 is an illustration of the Property screen.

[0036]FIG. 15 is an illustration of the Title screen.

[0037]FIG. 16 is an illustration of the Closing Schedule screen.

[0038]FIG. 17 is an illustration of the Check Information screen.

[0039]FIG. 18 is an illustration of the Funding screen.

[0040]FIG. 19 is an illustration of the HUD-1, page 1 screen.

[0041]FIG. 20 is an illustration of the HUD-1, page 2 screen.

[0042]FIG. 21 is an illustration of the HUD-1, form.

[0043]FIG. 22 is an illustration of the Aggregate screen.

[0044]FIG. 23 is an illustration of the Truth In Lending form.

[0045]FIG. 24 is an illustration of the Post-Closing screen.

[0046]FIG. 25 is an illustration of the ELD/EDD screen.

[0047]FIG. 26 is an illustration of the Document Selection/Transmitionscreen.

[0048]FIG. 27 is an illustration of the Tracking and Reporting screen.

[0049]FIG. 28 is an illustration of the Accounting Miscellaneous screen.

[0050]FIG. 29 is an illustration of the Ordering More Closings screen.

DETAILED DESCRIPTION

[0051] The preferred embodiment of the invention uses a computersoftware package to facilitate and enable the primary features of theinstant invention. The software includes a basic word processing programsuch as Microsoft Word®, a database program such as Microsoft Access®,Fox Pro® or a Visual Basic®, and a system for providing data entry, suchas computer terminals with keyboards, document scanners, and a digitalsignature device. Real estate professionals, such as attorneys,settlement agents, title companies and financial institutions willprimarily use this method and system.

[0052] I. Introduction

[0053] With reference to the embodiment illustrated in FIG. 1, theanticipated software package provides an opening screen. As with mostscreens described herein, navigation is done using well known point and“click” features that are common to Windows® based software. The“Add/Update a File” button 100 is generally the starting point for a newfile. As soon as a file is received, information from that file shouldbe input to the system. This button is also selected when fileinformation must be changed or updated. The “Schedule a Closing” button200 uses the scheduling features of the instant invention to reserve atime and place for the closing to take place. The “Tracking andReporting” button 300 allows a user to keep track of what closings aretaking place on a particular date or in a particular location. Also,this button is used to check information relating to the funding orfinancing involved in a particular file. Other data tracking featuresare accessed through this button as will be discussed below. When a useris ready to (generate a hard copy of the real estate closing documents,this feature would also be used. The “Setup System Preferences” button400 is used to setup the system with the most basic informationregarding the company or real estate professional using the software.This feature is also used for updating the system with basic informationregarding other companies and professionals that are commonly involvedin real estate transactions. Finally, the “exit” button 999 is used oncea user wishes to shut down the software program described herein. Otherstandard Windows® type features can be seen along both the top andbottom of the screen shown in FIG. 1.

[0054]FIG. 2 illustrates the screen that is displayed when the “SetupSystem Preferences” button 400 from FIG. 1 is selected. Prior to usingthe software described herein for real estate transactions, a user mustsetup several supporting databases, which are indicated in FIG. 2. The“Order More Closings” button 410 can be selected to update the system toenable and allow additional closing transaction. A licensee of theinstant invention will be provided a code to enter, which allows a setamount of transactions or closing to be entered in the system. In orderto enter additional transactions or closings, the licensee mustre-subscribe or renew the licensee. After renewal, the licensee will begiven a new code, which allows more closings to be entered using thesystem. The database of the instant invention contains embedded codeswhich correlate to the codes given to licensee's, thus they will act asa key to the system. The “Bank Database” button 420 should be selectedwhen setting up lender information. The “Bank Checking Account” button430 is used to setup checking accounts from which funds can be drawn.The “Investor Database” button 440 is used to setup mortgage investorinformation. The “Warehouse Database” button 450 is used to setupwarehouse bank information. Large institutional lenders generally have“cash on-hand” to fund loans they close. Smaller lenders will typically“borrow” the monies required to fund a closing loan from warehouselenders, at least until the loan is purchased by a mortgage investor.The “Sub-Servicer Database” button 460 is used to enter informationrelating to all individuals or entities that are not considered mortgagebanks, mortgage investors or warehouse banks. Examples of Sub-Servicersare attorneys, title companies, mortgage brokers and real estatebrokers. The “Set-up Employees” button 470 is used to setup employeedesignations, such as job titles or duties and is used for setting uppasswords that will be used throughout the system. The “Set-upSchedules” button 480 is used to customize the closing schedule screensdescribed below. The “Set-up TIL Programs” button 490 is used forentering loan program information for the printing of a Truth in Lendingform. Finally, a “back” button 888 is provided which will take the userback to the previous screen, which in this case is the Opening screen.The “back” button 888 is seen in numerous other screens, unlike the exitbutton 999 that is only available on the Opening screen.

[0055] II. The System Set-up

[0056]FIG. 3 illustrates the screen that is displayed when the “BankDatabase” button is pressed on the Set-up System Preferences screendiscussed above. Normally, when a user gets to this screen most of thefields are filled-in. In effect, all the fields on this screen willcontain information from the first bank whose information is in theexisting database. When a user wishes to select a different bank theycan use the Search Box 4215 to select a bank that has been previouslyentered into the database. One can use the drop-down arrow to select theother banks already in the database. If a desired bank is not already inthe database, the user can select “Add New” button 4210 which, can beused to enter information for a new bank. When the “Add New” button isselected, all the fields visible on this screen will go blank allowing auser to enter new data. The first section on this screen 4220 containsthe basic name, address and telephone number information relating to aspecific bank. The fields are somewhat self-explanatory so that a usercan enter information more easily and with little training. The secondsection titled “Officer of Record Information” 4230 can be used to trackinformation concerning the primary officer or contact at a bank. The“Record and Return Information” section 4240, “Assignment Information”section 4250, and “Payment Information” section 4260 areself-explanatory and are used to track specific information relating tothe same bank displayed in the first section 4220. Additionally, some ofthe fees associated with a bank and its transactions can be listed inthe lower section 4270. The program even allows for three miscellaneousfield boxes 4275 for entering special fees that would be particular tothat banking institution. Finally, the Miscellaneous Information Section4280 is used to track other marketing and basic banking information.

[0057]FIG. 4 is the Bank Checking Accounts screen. This screen isaccessed by clicking the “Bank Checking Account” button 430 on theSet-up System Preferences screen (see FIG. 2). Once again as with theprevious screen, when a user first arrives at this screen most of thefields should contain data relating to the first record from thedatabase. The information from the bank checking account screen can beused in a mortgage closing for disbursing funds. A feature that isdiscussed in more detail below is the check writing ability of thisinvention. The Bank Checking Account fields contain the criticalinformation required to write checks. In other words, this informationcan be used during a real estate closing to produce the actual checksneeded for the closing by both the buyers and sellers. Approval must beobtained from any banking institutions whose checks will be used inconnection with this feature.

[0058] If a user wishes to search for a particular account that isavailable within the program, he or she is able to click the down arrowon the search field 4315 and select from the drop-down list. Once anaccount is selected from the drop down list, it and its correspondinginformation will appear in the fields on this screen. When a userdesires to create a new account, they can use the Add New button 4310 toclear all the fields and allow data input. The general bank accountinformation fields 4320 on this screen are used miscellaneous bankaccount information. These fields must be completed if the check writingcapabilities were going to be used. Once set of fields that is importantto note is the Authorized Signor's fields 4330, which are used toprovide the user with a list of people who are authorized to performtransactions from the bank account in question.

[0059]FIG. 5 illustrates a data screen that is used for showing mortgageinvestor information. This screen is accessed by clicking the “InvestorDatabase” button 440 on the Set-up System Preferences screen (see FIG.2). During real estate transactions that involve a mortgage, it is notuncommon for smaller mortgage bankers to sell their loans to mortgageinvestors. In fact, most loans that are sponsored by smaller mortgagecompanies are approved for purchase from mortgage investors prior to theactual closing. Other than the basic information fields 4420, thisscreen can contain important information relating to assignmentrequirements, such as the requirements fields 4440 and 4460. A few blankrequirements fields are included to allow for unusual assignmentrequirements that a particular mortgage investor might have. As thesefields are subject to frequent change, it is helpful to have lastupdated fields 4430 or 4450. Further, as with previous screens an AddNew button 4410 and a search field 4415 are provided to create newrecords and access already stored records. Additionally, a promotionsfield 4470 is provided to track scheduled contacts with these investors.Promotions can include cards or gifts sent to the investor or eveninvitations to parties and other invents.

[0060] There are various methods used by mortgage bankers and lenders tofund a loan and a small mortgage banker does not have to be used. Largermortgage bankers or lenders can also be used to finance a loan. A largemortgage bank is one that typically has “cash-on-hand” to fund a loan,whereas smaller mortgage banks need to “borrow” the monies they use tofund a closing before it is purchased by a mortgage investor. The smallmortgage bankers typically “borrow” their monies for this intermediatephase from what are referred to as warehouse lenders. FIG. 6 shows ascreen that can be used to track information relating to such warehouselenders. This screen is accessed by clicking the “Warehouse Database”button 450 on the Set-up System Preferences screen (see FIG. 2).

[0061] In keeping with previous screen formats, an Add New button 4510and Search field 4515 are provided to create new and edit existingwarehouse investor records. In addition to the general warehouseinvestor information fields 4540, each such investor is provided anidentification number that is displayed in the Warehouse ID field 4520.Additionally, a Routing number field 4530 is provided for referenceduring a loan closing. Finally, as above a promotions field 4550 is alsoprovided for warehouse investors.

[0062] There are numerous entities other than mortgage bankers,warehouse lenders and investors that can be involved in real estatetransactions. All these other entities are referred to as Sub-Servicers.FIG. 7 illustrates the “Sub-Servicer Database” Screen and is used totrack information relating to these other entities such as attorneys,title companies, mortgage brokers, real estate brokers and others. Thisscreen is accessed by clicking the “Sub-Servicer Database” button 460 onthe Set-up System Preferences screen (see FIG. 2). As with otherscreens, the Sub-Servicer Information Screen contains an Add New button4610, a Search field with drop down list 4615, general informationfields 4640, promotions fields 4660 and even an identifying number field4620. Additionally, this screen can track tax identification numbers4630 and includes a field to indicate the type of Sub-Servicer, Such asthose mentioned above.

[0063] Additionally, information relating to employees of the company ororganization using the software package envisioned by the instantinvention must also be maintained. This information, like that of theother screens is important throughout the program when using the dropdown boxes that are available. Thus, as will be discussed more fullybelow, when using the scheduling features of the instant invention thedrop down lists can be used to schedule employees to handle numerousreal estate closings. FIG. 8 is the Set-up Employee screen and isaccessed by clicking the “Set-up Employees” button 470 on the Set-upSystem Preferences screen (see FIG. 2). On this screen, the employee'sname is entered in the name field 4720 and the type of duty they arecapable of performing is selected from the drop down box in the typefield 4730. Similar to the previous screens, there is an Add New button4710, which allows information regarding new employees to be entered.When a user wishes to delete an employee from the database, they canclick on the employee name they wish to delete and then click the“Delete Record” button 4715.

[0064] If a user intends on using the scheduling features of the instantinvention the Schedule Maintenance Screen must be used, see FIG. 9. Thisscreen is accessed by clicking the “Set-up Schedule” button 480 on theSet-up System Preferences screen (see FIG. 2). This screen allows a userto define different schedules for each location at which closings can beconducted. As with previous screens, there is a Create New record button4810 and a Search field 4815. Otherwise, the screen should be ratherstraight forward in that it provides the name of the selected schedulein a field 4820 and a smaller spread sheet area containing columns forroom or location name information 4830 and rows for scheduling times4840.

[0065] A company or institution using this software package may alsowant to secure access to information contained in various parts of thedatabase disclosed herein. This can be done by using passwords to securethose parts or screens of the database and can be done through theSet-up Passwords screen. Clicking the “Set-up Passwords” button on theSet-up System Preferences screen accesses this screen. Although the“Set-up Passwords” button is not shown in FIG. 2, it would be visibleusing the scroll-bar provided on the Set-up System Preferences screen.This screen provides a screen name field that shows a user all thescreens that are available to restrict access using a password(including the Set-up Passwords screen). The scroll bar can be used toaccess the additional screen names not immediately visible on thisscreen. The passwords must be entered in the password field immediatelybelow the corresponding screen. Where no value is entered, norestrictions will be placed on that screen and thus no password isrequired for that screen.

[0066] III. The File/Loan Information

[0067] Once a user has finished setting-up the system or is otherwiseready to enter information relating to a particular closing they can usethe “Add/Update a File” button 100 found on the Opening screen. FIG. 10shows the Add/Update a File screen which tracks each file with a controlnumber and an associated name and social security number. FIG. 10 alsoillustrates a varied embodiment that uses, rather than a back button888, uses a button 8880 which performs the same feature but more clearlyindicates to where or what screen the user would go back. As withprevious screens, there is provided a search feature. This screen showsan additional alternate embodiment that uses a Search button 1030 thatleads to a small pop-up window that can either use a drop list or morefree form blank search fields that are used to perform a textual searchof all records maintained. Various fields should be provided for a freeform blank search field search in order to allow a user different waysto search for a particular file, in addition to just the control numberor name associated with the file. As with previous screens, a New Filebutton 1010 is provided to enter additional file names and which willautomatically generate a control number. Each file uses one row 1050 onthis screen with a unique Control number. Although all files would bevisible on this screen using the scroll bar, a search feature is usefulas a company or institution using this software is likely to accumulatea large number of files that would be tedious to scroll through in orderto find a particular file. Once a particular file is selected, eitherafter using the Find File button 1030 or by clicking on the desiredrecord, that record can be changed, viewed or updated using the UpdateFile button 1040 or even deleted using the Delete File button 1015. Thedelete button should contain a verification request before actuallydeleting a record to avoid accidental deletions. Also, this deletebutton can be restricted using the passwords discussed above. Further,the delete button should not allow deletions of files or loans that havealready closed.

[0068] The Update File button 1040 is actually the primary button usedon the Add/Update a File screen as it provides access to numerous otherscreens containing additional information relating to that file. Also,until now the screens described above have dealt primarily with generalset-up of the system, where updating a file starts to track informationabout a specific loan or real estate closing.

[0069] Once a file is selected and the Update File button 1040 isclicked, a user will see the Borrower Information screen seen in FIG.11. Unlike previous screens, this screen now contains a button/tabsystem for navigating the various information screens associated with aparticular file or loan. A user can go to each desired screen using thenavigation bar 1100, which includes a Back button 888 that leads back tothe Add/Update a File screen. The Borrower Information screen is wherethe input for each borrower is done. The illustrated embodiment allowsfor up to four (4) borrowers per loan, but providing for either agreater or lesser number of borrowers is anticipated. Additionally, thisscreen and most of the screens accessible on the navigation bar 1100contain a Conversations Log button 1110. This button allows a user tomaintain a log of telephone conversations conducted relating to aparticular file and most of the details from that conversation. Most ofthe remaining fields on this screen are self-explanatory, such as thegeneral/main borrower information fields 1120 and the co-borrower fields1140. The Attorney Information fields should be used to select anattorney, if any, being used by the borrower(s) in a particular file. Adrop down list is provided to select from the attorneys previouslyentered in the Sub-Servicer Database screen. The general attorneyinformation fields 1130 will display data pertaining to the selectedattorney or law firm. If a desired attorney or law firm is not alreadyentered in the database, the Add button 1135 can be used to addattorneys or law firms to the database. Most fields on this screen mustbe completed as they contain information required for the closingdocuments. Just a few fields such as the salutation or E-mail fields,though not required, can provide valuable information throughout theclosing process and with regard to post closing marketing or promotionsto these borrowers.

[0070] The Seller screen, seen in FIG. 12, is used for entering andviewing information relating to the sellers involved in the selectedfile. This screen contains analogous fields to those found on the BuyerInformation screen, including general seller information fields 1210,Attorney Information fields 1230 and 1235, and provides for up to threeco-sellers and information fields 1240 relating to them. Providing foreither fewer or greater co-sellers is anticipated. It should be notedthat the navigator bar 1100 does not display a navigation button to thescreen being displayed as this would be unnecessary and reduces theamount of space available to display the other navigation buttons.

[0071] The Loan screen, seen in FIG. 13, is used for entering andviewing information relating to the loan involved in the selected fileand is one of the most extensive input screens. It should be noted thatFIG. 13 is a compilation of four views from the same screen with eachview comprising a different scroll bar position. The screen allows quickreference to all the major components of the loan. First in the GeneralLoan Information fields 1320 & 1330, then the Payment Information fields1340, then the Adjustable Information fields 1330, the Home EquityInformation fields 1360, the Buy-down Information fields 1370, andfinally the MECA/Payoff Information fields 1380. The initial fields inthe General Information fields 1320 contain drop down lists to select anattorney, a bank, a broker or an investor associated with a particularloan. As previously mentioned in the Borrower Information Screendescription above, and in particular the Attorney Information fields1135, Info and Refresh buttons are provided to add or update informationrelating to the respective lists. This screen demonstrates theusefulness of entering that information ahead of time. What is more,this feature prevents the redundant entry of this type of informationsince once it is in the database; it only need be amended or selected.This screen further displays the control number fields 1050 and 1310.The control number fields 1310 reflect the selections made in theGeneral Information fields 1320. Further still, the loan Opening Date,Status and Status Date fields 1315 are provided to track informationregarding when a money issue has been initiated, what the status of theloan is and when that status was last posted.

[0072] The Property screen, seen in FIG. 14, is used for entering andviewing information relating to the property associated with a selectedfile. This screen also contains general information fields 1410. Also,were a cooperative group or organization is involved, Co-op Informationfields 1420 are provided. Such groups or organizations would beconsidered Sub-Servicers and could already be entered in the database.If not already entered, Info and Refresh buttons 1425 are provided toupdate the database. Additionally, PUD (Planned Urban Development)fields 1430 and a Condominium name field 1440 is provided for thatinformation, if applicable.

[0073] The Title screen, seen in FIG. 15, is used for entering andviewing information relating to the legal title to the property involvedin the selected file. The general title information fields 1520 trackinformation relating to the receipt and review of the documentationrelating to legal title to the property and the documents generatedduring the closing. Included in such information is a brief descriptionof the status of the title, such as “awaiting CO for the deck” or “needsinspection by lender.” Such information can be used in generatingreports as discussed more fully below. The “Subs” button 1510 providesdirect access to the Sub-Servicer screen where assigned subservices aredisplayed, ie, homeowner, flood and other insurance companies. Finally,any conditions to passing legal title can be indicated in the Conditionsfields 1530. Those conditions can not only be described, but informationas to when the condition was imposed, whether it was met or received andwhether it is a condition that is required for the closing can beentered. This information is also important in generating reports asdiscussed more fully below.

[0074] The Closing Schedule screen, seen in FIG. 16, is used forselecting and viewing when acid where the closing will take place. Thedate and location fields 1620 can be used to select that information.Although any future date can be selected, only locations already set-upin the database can be selected using the drop list provided. Byentering the control number in the desired room column 1631 the otherrelated fields 1630 will be automatically filled-in. It should be notedthat fields for the subsequent time slots for each room 1632 could beaccessed using the scroll bar. This screen also provides a scheduleprintout function through the print button 1610. Such a printout can beprovided to the parties as notification or a reminder of the closingtime and location. Further, the delete button 1615 can be used to clearall the information relating to a scheduled closing for a particularfile. This feature can be used if it is desired to reschedule a closing.

[0075] The Check Information screen, seen in FIG. 17, is used forentering and viewing information relating to the funds necessary for theclosing to take place and the checks that must be issued for that event.Some of the information displayed on this screen is obtained when theHUD-1 form/screen is completed, which is discussed further below. Byselecting the Closing Account ID from the drop down list 1710 the moneyfields 1730 are automatically filled-in. These numbers can be edited,the checks printed (if proper approval has been received for this by theissuing bank) and reports can be generated using the check buttons 1720.In viewing the checks involved in a loan and the totals required for theclosing, this screen allows a user to reconcile the entire funding of aloan. Net funded items and items paid by a bank are input in the fundingfields 1740. This screen, when used in conjunction with the Fundingscreen discussed in the next paragraph can ensure each closing has beenfunded properly. Additionally, if funds are to be wired for the Borroweras opposed to writing a check, the funds source check boxes 1750 can beused to indicate such. When using one of the check boxes 1750 indicatesa wire transfer, an additional pop-up window 1760 will come uprequesting information regarding the wire transfer.

[0076] The Funding screen, seen in FIG. 18, is used for entering andviewing information relating to the funding required for the closing fora selected file. This screen is used to account for expenses, fundsrequired to close and actual funding deficiencies. A wire/fundingdeficiency report can be generated using the Tracking and Reportingfeatures discussed below. This screen allows a user to attribute awarehouse lender to the loan using the warehouse name field 1770 and theInfo and Refresh fields 1775 if the required warehouse lender is notalready in the database. Additionally, amount needed for mortgage taxes,assignment fees, broker premiums and other bank expenses can be enteredin the additional funding fields 1780.

[0077] The one government form that is required in all residential realestate closings is the HUD-1, issued by the Department of Housing andUrban Development. This form, page one of which is seen in FIG. 21,contains a basic breakdown of all the monies required from both thebuyers and sellers involved in a real estate transaction. FIG. 19illustrates the first of two screens dedicated to entering HUD-1information. FIG. 20 shows the second of the two HUD-1 screens. Thesescreens are designed to look and feel just like the actual form. Theinformation entered in the fields on these screens is used to displayinformation on various other screens, such as the Checks and Fundingscreens. Once again, redundant input is eliminated or minimized. If theHUD-1 cannot be initially completed using the instant system, a blankHUD-1 form can be printed out using the instant invention to allowmanual entry of this data for subsequent conversion to electronic form.Also, the instant invention anticipates allowing for the input ofelectronic signatures so that the HUD-1 and other required forms couldbe truly completed by the closing date completely in electronic form.The closing documentation is more easily stored and transferred if it isentirely in electronic form. As such, all such documentation can bestored on CD-ROM or other electronic storage medium. Additionally, apackage or loan portfolio of these documents can be compiled andtransmitted electronically using a global communications network orother means of data transfer.

[0078] It should be noted that when viewing the HUD-1 pages one and twoscreens (FIGS. 19 & 20) that the navigation bar 1105 is different fromthe previously seen navigation bar 1100. In particular, access to HUD-1Page two screen is available from the HUD-1 Page one screen and viseversa. Additionally, the Aggregate and Truth In Lending screens areaccessible only through the HUD-1 screens.

[0079] The Aggregate screen, seen in FIG. 22, is used for entering andviewing the aggregate adjustment values required for the HUD-1 form.Lines 1001 through 1009 from the HUD-1 include all aggregate adjustmentinformation. By entering information in the general HUD-1 requirementsfields 1860, the HUD-1 gets filled-in. The list 1870 found on the lowersection of this screen provides a ready reference as to a description ofthe relevant HUD-1 line numbers.

[0080] Similar to the above mentioned Federally required HUD-1,financial institutions are required to produce a completed Truth inLending form that must be reviewed and executed by a mortgagee for Sucha loan to be binding on that mortgagee. FIG. 23 illustrates an exampleof such a Truth in Lending form that can be generated. Other loaninformation reports, such as amortization schedules, can also beprinted. All this information is compiled and organized using thedatabase of the instant invention.

[0081] After the closing it is important to track information regardingthe documents involved in the closing, such as the documents sent forrecording, the progress of the loan and any final document information.FIG. 24 illustrates the Post-Closing screen, which tracks this type ofinformation. The file location field 1910 is provided to track thephysical location of the major part of the file associated with aparticular loan. This screen anticipates the ability to delivercompleted copies of the closing documents electronically. The ELD/EDDbutton 1915 would be used to make such electronic transmissions ofdocuments. Much of the other information fields, is very important fortracking and reporting of information relating to a file. The shippinginformation field 1920, the closing conditions field 1930, the finaldocument information field 1940, the problem information field 1950 andthe recording information field 1960 all are just such fields.

[0082]FIG. 25 illustrates the screen that is displayed when the ELD/EDDbutton 1915 is clicked on the Post-Closing screen. The ElectronicLoan/Document Delivery screen is used to electronically transmit closingdocuments to various warehouses, lenders, investors and otherinstitutions. Additionally, this screen can be provided with featuresfor importing data or even documents from various sources. In this waySeller, Borrower, Property or even Loan information can be entered intothe system while reducing the redundancy and problems of data input.This data transfer can take place using a global communications networksuch as the Internet or any other means of electronic communication.Alternatively, the Add/Update a File screen could provide access to thisimport/export data feature.

[0083]FIG. 26 shows the Print screen (also referred to as the DocumentGeneration/Transmition screen). This screen is accessed from thenavigation bar 1100, and is used to generate final document setscontaining a complete loan portfolio along with any ancillary scanneddocuments and documents that have electronically integrated signatures.

[0084] The Tracking and Reporting screen, seen in FIG. 27 is used forgenerating reports relating to accounting, production and workflow. Itis anticipated that these reports can be of various formats so as todisplay the data entered in all the fields discussed above. Thedatabases used in the instant invention provide for selective sortingand filtering of the desired data so as to provide the ability to trulygenerate custom tailored reports. The screen shown in FIG. 27,illustrates particular management reports or analysis screens thatassist in maintaining higher levels of productivity in conducting realestate transactions.

[0085] As is seen in FIG. 27, the information being tracked or analyzedis broken down into three categories; accounting, production and workflow. The accounting section refers almost entirely to the fundstransferred between parties during a real estate transaction. Theproduction section is a catch-all section that relates to theoutstanding items or details of real estate transactions that must befollowed-up on and reviewed. The work flow section refers to thehandling of numerous real estate transactions being performed by morethan just a few of real estate professionals, or Closers.

[0086] With respect to the accounting section, the Check Register buttonleads to screens and not reports that display information relating tothe checks issued to cover the payments associated with a closing. Thesepayments include not only the payment to the seller, but also numerousother payments such as various taxes, insurance and other fees.Virtually, any payment that needs to be made in order to close thetransaction can be made through the system. Most commonly, thesepayments include mortgage, title, flood and homeowner's insurance;recording and real estate taxes; appraisal, broker, attorney and otherprofessional fees.

[0087] The Disbursement Report button generates reports that track thefunds that need to be disbursed and on what dates. This is necessary notonly because numerous checks are being issued, but also because veryoften the funds for one closing are disbursed on more than one day. Thisis common, as many lenders required a waiting period before funds willbe released, due to a buyer's right of rescission for a number of daysafter the closing.

[0088] The Wire/Funding Deficiency button generates reports that trackthe amounts of money being disbursed, through check writing, versus theamount of money funded by the lender. Although these numbers should bethe same, they are more often not. This happens because of the many lastminute adjustments and because lenders sometimes hold back a portion ofthe funds until after the right of rescission period. Since the borrowerneeds the money at the closing, the system can issue all the neededfunds and then track that deficiency until the lender releases theadditional funds. Another reason for this imbalance of funds is thatprior to the closing, the calculated loan amount is just an estimate.

[0089] The Accounting Miscellaneous screen, seen in FIG. 28 is used as acatchall for additional information that needs to be maintainedthroughout this process. Customized reports, such as “Pat's HanoverReport” can be accessed through this screen. Such a customized reportcan contain organized information relating to any of the fields ofinformation collected by this instant system in all the previouslymentioned screens. The “Over/Under” button can generate a deficiencyreport that is similar to the, “Wire/Funding Deficiency” buttondiscussed above. Since it is in a report format, the information can bepresented differently. In other words, the “Over/Under” report ispresented in an accounting format. The Attorney Fees Collected” buttoncan generate a report that shows what attorneys fees were paid. The“Positive pay” buttons, generates a report for the licensee of themethod and system of the instant invention, which is electronically sentto financial institutions. These reports indicate what checks wereelectronically generated during the transactions of the instantinvention for each particular financial institution issuing such checks.Since more than one check writing account can be maintained with eachfinancial institution, it is anticipated that all accounts relating toone particular financial institution will be transmitted simultaneously.The financial institutions would match these reports with their recordsof checks cleared for transactions from the licensee sending the report.As can be seen in FIG. 28, buttons can be designated for particularfinancial institutions. Alternatively, one button can be provided, whichleads to another screen where the financial institution can be selected.All data transfers should be done electronically to minimize redundantdata entry, as is a general theme of the instant invention.

[0090] The first set of reports within the Production section is the“Management Reports.” These reports are designed for managers to trackinformation organized by financial institution, real estate brokers,scheduling and the employees that schedule and participate in closingloans. As is seen on the Management Reports screen, the reports arelisted. The different reports can be broken down into two sections; thenew business or closed loans. The new business reports all are keyed ororganized off of the date each file was opened or started. The closedloans reports all are keyed off of the closing date for the loanrelating to each file. The “Banker” reports show each borrower's name,listed in date order and organized by bank (the bank or bankercorresponds to the financial institution making the loan to eachborrower). The “Sum” report is an abbreviated version of the earlierreport, only providing the number of transactions involving each bank,broker or scheduler. The “Broker” and “Scheduler” reports are similar tothe “Banker” reports, but organized by real estate broker and thescheduler (the persons scheduling the closings), respectively.

[0091] The “Scheduler Reports” button (located back on the Tracking andReporting screen) leads to a group of reports that show the status ofloans and real estate transactions, but organizes the informationaccording to Bank, Broker and Scheduler. Additionally, other screens,such as the Scheduler Reports screen can be provided to show reports fortracking Bank and specific loan officer inventory (i.e., loans).Although not shown, a button could be added to generate a report thattracks inventory or loans, organized by broker. These reports differfrom the Management Reports in that they are limited to active files.

[0092] The “Post Closing Reports” button leads to a group of reportsrelating to information regarding the closed loans and anything thatneeds to done after the closing. The “Shipping Report” providesinformation about the physical transfer of the hardcopy files, includingthe negotiable instrument (the loan note), which makes up the loan.Since the notes are sent to warehouse lenders, under cover of baileeletter, their transfer must be documented and tracked. The “Final DocReport” lists any documents requested, but not available at the closing.Such unavailable documents include but are not limited to homeowner's orflood insurance policies or other documents required for passing of thetitle to the property.

[0093] The “Problem Reports” relate to similar information as the FinalDoc Report, but tracks information across all closings, as opposed to asingle closing. These reports are designed to Assist management indetermining what areas or parts of the loan closing procedure need to beimproved. These reports can reveal items missed by a closer, HUD-1'sthat need to be redone, unassigned or missing documents and evenmisspellings or typographical errors made on documents that need to becorrected. The Open and Closed versions of these reports related to openand closed files.

[0094] The “Recording Report” shows assignments, deeds and mortgagesthat have been filed with the county clerk. Currently, it is requiredthat these filings be physically done at the local county clerk'soffice. It is anticipated, that in the near future, such filings can bedone electronically, either to the local county clerk or to a nationalrepository for such electronic documents.

[0095] The “Client Reports” button is dedicated to customized reportsrequired or requested by particular lending institutions or otherclients. These reports can contain virtually any information containedwithin the database of the instant invention.

[0096] The “Archive Closed Files” button allows maintenance of thedatabase, in that closed files can be taken off the list of activefiles. This process, known as archiving, will impact reports thataddress only active files. The archiving is done by closing date, sothat any files closed on or before the entered date will be archived.

[0097] The final section relates to Work Flow. The names to thesereports explain their contents. Basically, the “Closing Schedule” showsa schedule or outline of all closings set to take place. The “Schedulerfor Closers” organizes the Closing Schedule report by the closer (theindividual managing that actual closing). This report provides the sameas the information available on the Closing Schedule Screen. The “PrintClosing Screen” report will print the Closing Schedule Screen directly.

[0098] Finally, the Ordering More Closings screen, seen in FIG. 29 isused to limit the number of mortgage closings that can be performed byusers of the instant system and method. It is anticipated that thedatabase and software package will be licensed for a limited number ofuses. A licensee, after paying an agreed upon fee, will be given a newUser Code 4100 and Refill Code 4110 which will provide a set amount ofadditional transactions. Once entered, a user would click Go 4120 andthe system will be reset. It is further anticipated that programs candifferentiate the types of codes that could be given and entered toreset the system in order to allow customers varied amounts ofadditional transactions, depending on their license agreement.

[0099] Thus it is apparent that there has been provided in accordancewith the invention that fully satisfies the objects, aims and advantagesset forth above. While the invention has been described in conjunctionwith specific embodiments thereof, it is evident that many alternatives,modifications and variations will be apparent to those skilled in theart in light of the foregoing description. Accordingly, it is intendedto embrace all such alternatives, modifications and variations as fallwithin the spirit and broad scope of the invention.

What is claimed is:
 1. A method of using a computer to facilitate a realestate transaction comprising: inputting into said computer first partyinformation identifying a first party who has an ownership interest in areal estate property; inputting into said computer second partyinformation identifying a second party seeking to purchase saidproperty; inputting into said computer property information identifyingsaid property; inputting into said computer terms of sale, comprisingthe conditions that must be satisfied before said real estatetransaction is complete. maintaining in said computer a plurality ofform documents, said form documents each including at least one fieldcorresponding to parts of at least one of said first party information,said second party information, said property information and said termsof sale; preliminary compiling on said computer at least one of saidform documents, wherein said preliminary compiled at least one formdocument includes parts of said at least one of said first partyinformation, said second party information, said property informationand said terms of sale, integrated into substantially all fieldscontained in said at least one of said form documents; displaying saidpreliminary compiled at least one form document to at least one of saidfirst party and said second party; inputting into said computer at leastone signature indicating the approval of said preliminary compiled atleast one form document by said at least one of said first party andsaid second party, said at least one signature comprising a digitallyencrypted image of the hand written signature of said at least one ofsaid first party and said second party who has approved said preliminarycompiled at least one form document; finally compiling on said computersaid preliminary compiled at least one form document after it has beenapproved by said at least one of said first party and said second party,wherein said finally compiled at least one form document includes ade-encrypted version of said at least one signature; and outputting fromsaid computer said finally compiled at least one form document.
 2. Themethod of claim 1, wherein said finally compiled at least one formdocument comprises all the documents needed to pass title of saidproperty.
 3. The method of claim 1, wherein said second partyinformation comprises financial information relating to the funds thatwill be used to purchase said property, said financial informationcomprising loan information identifying at least one financialinstitution lending said funds for said purchase of said property. 4.The method of claim 3, wherein said second party information furthercomprising at least the minimum financial information required by saidat least one financial institution before it will lend said funds forsaid purchase of said property.
 5. The method of claim 4, wherein saidplurality of form documents comprises all the documents required by saidat least one financial institution before it will lend said funds forsaid purchase of said property.
 6. The method of claim 1, wherein thesteps of inputting first party information, second party information,and property information does not include the redundant input of anyparts of the information, relating to the respective said first party,said second party and said property.
 7. The method of claim 6, whereinthe step of inputting property information comprises title informationindicating all parties with an ownership right in said property.
 8. Themethod of claim 1, further comprising: inputting into said computer adigitally scanned image of at least one ancillary document, andoutputting from said computer said at least one ancillary document inconjunction with said at least one finally compiled at least one formdocument.
 9. The method of claim 1, wherein said finally compiled atleast one form document comprises at least one negotiable financialinstrument or check.
 10. The method of claim 9, wherein said at leastone negotiable financial instrument or check comprises at least aportion of the funds required by the terms of sale from said secondparty.
 11. The method of claim 9, wherein said at least one negotiablefinancial instrument comprises at least a portion of the funds requiredby the terms of sale from said first party.
 12. The method of claim 3,wherein outputting from said computer further comprises: transmitting bymeans of a global electronic communications network said finallycompiled at least one form document to said financial institution. 13.The method of claim 1, wherein said preliminary compiled at least oneform document is displayed to both said first party and said secondparty.
 14. The method of claim 13, wherein said preliminary compiled atleast one form document is displayed to said first party at a remotelocation from where said preliminary compiled at least one form documentis displayed to said second party.
 15. The method of claim 14, whereinsaid preliminary compiled at least one form document is displayed to atleast one of said first party and said second party using a globalelectronic communications network.
 16. The method of claim 3, furthercomprising: inputting into said computer at least one calendar date,said at least one calendar date comprising the date on which saidpreliminary compiled at least one form document is displayed to at leastone of said first party and said second party for approval.
 17. Themethod of claim 16, further comprising: outputting from said computer anotice of said at least one calendar date to at least one of said firstparty, said second party and said financial institution.
 18. The methodof claim 16, further comprising: outputting from said computer a reportcomprising data inputted into said computer relating to a plurality ofreal estate transactions.
 19. The method of claim 18, wherein saidreport comprises financial information.
 20. The method of claim 18,wherein said report comprises at least one of said first partyinformation, second party information and property information.
 21. Themethod of claim 1, wherein said preliminary compiled at least one formdocument comprises all disclosure documents required by all federal,state and local governments with power to regulate the sale or transferof said property.
 22. The method of claim 1, further comprising:inputting into said computer a digitally scanned image of at least oneancillary document, and outputting from said computer said at least oneancillary document in conjunction with said at least one finallycompiled at least one form document; wherein said finally compiled atleast one form document comprises all the documents needed to pass titleof said property; wherein said second party information comprisesfinancial information relating to the funds that will be used topurchase said property, said financial information comprising loaninformation identifying at least one financial institution lending saidfunds for said purchase of said property; wherein said plurality of formdocuments comprises all the documents required by said at least onefinancial institution before it will lend said funds for said purchaseof said property; and wherein the steps of inputting first partyinformation, second party information, and property information does notinclude the redundant input of any parts of the information, relating tothe respective said first party, said second party and said property.23. The method of claim 22, wherein said preliminary compiled at leastone form document is displayed to said first party at a remote locationfrom where said preliminary compiled at least one form document isdisplayed to said second party and wherein said preliminary compiled atleast one form document is displayed to at least one of said first partyand said second party using a global electronic communications network.24. The method of claim 23, wherein said finally compiled at least oneform document comprises at least one negotiable financial instrument orcheck.
 25. A method of using a computer program having a plurality ofprogram steps to be executed on a computer to implement and control aninteractive real estate closing transaction, said program comprising:means for inputting a plurality of information identifying an owner ofproperty and a potential buyer of said property, said informationcomprising personal data about said owner and said buyer; means formaintaining in said computer a plurality of form documents that can beused to generate the documents necessary to make said real estateclosing transaction legally binding, said plurality of form documentsinclude both said owner and said buyer information input fields; meansfor compiling on said computer at least one of said form documents,wherein said compiled form document includes the appropriate identifyingowner and buyer information in each and every respective owner and buyerinformation input fields; and means for recording said completed atleast one of said form document in a fixed medium.